Irish Residential Properties REIT urges shareholders to reject activist investor EGM proposals

Amid ongoing strategic review

Dublin-based real estate investment trust Irish Residential Properties (I-RES) has urged shareholders to vote against the proposals put forward by activist investor Vision Capital at an extraordinary general meeting on 16 February.

On Thursday (18 January), Vision, a 5% shareholder, requisitioned an EGM for shareholders to vote for the removal and replacement of five directors and replace them with its own nominees. Shareholders will also be asked to pass a special resolution requiring the trust to proceed with a strategy resulting in either the privatisation of I-RES or the sale of its assets, either en bloc or over the course of two years.  "Vision believes that I-RES' continuation in its current structure is largely a result of the collective efforts of an entrenched board and management to enrich themselves ...